This project report assesses how the NOWRDC-supported innovations are impacting the levelised cost of energy (LCOE) and annual energy production (AEP) for offshore wind in the United States.
Overview
The Carbon Trust collaborated with the National Offshore Wind Research and Development Consortium (NOWRDC) to evaluate the impact of its innovation programme. The project report, titled ‘Impact Metrics: Quantitative Analysis Volume I’ assesses how the NOWRDC-supported innovations are impacting the levelised cost of energy (LCOE) and annual energy production (AEP) for offshore wind in the United States.
The project focused on evaluating the impact of innovations through cost modelling and sensitivity analysis. Key aspects of the project included:
- Baseline wind farm set-up and assumptions: Innovations were assessed assuming full commercialisation and deployment across three hypothetical baseline wind farms: nearshore fixed bottom, far shore fixed bottom, and a representative West Coast floating site.
- Cost modelling and sensitivity analysis: The Carbon Trust conducted cost modelling and sensitivity analysis for each innovation to showcase their impact on LCOE and AEP.
- Significant reductions in LCOE: Results indicated notable reductions in LCOE, ranging from 3-9.5%, demonstrating the substantial benefits of deploying NOWRDC-supported innovations.
- Increases in AEP: The assessment also showed increases in AEP, ranging from 1.5-3.5%, highlighting the potential for enhanced energy production.
- Comprehensive impact analysis: The individual and collective contributions of the innovations were analysed, providing insights into their effectiveness and the sensitivity of assumptions.
This work is intended for offshore wind energy sector stakeholders, such as policymakers, industry leaders, and innovators to help them understand how NOWRDC funding makes a difference, as well as support NOWRDC’s strategic decisions and allow for measurable self-assessment. By highlighting the expected impact on the US offshore wind energy industry, NOWRDC shows and validates the importance of the consortium’s work and stresses the need for ongoing support for research, development, and technology innovation to advance the industry.
